In May of 2013, Nigeria's annual inflation rate dropped to 9 percent, from 9.1 percent in April as increase in food prices eased and the impact of last year’s higher fuel prices has been slowing down.
In May, heavily weighted food index increased 9.3 percent year-on-year, down from 10.0 percent recorded in April. Prices for housing, water, electricity, gas and other fuels rose 12.5 percent from 11.9 percent in April and costs of clothing and footwear increased 6.9 percent, from 6.5 percent in the previous month.
The urban CPI rose 9.4 percent, lower than 9.7 percent recorded in April. The rural CPI rose 8.6 percent, lower than 8.9 percent in April.
The core index, which excludes the prices of volatile agricultural products, increased by 6.2 percent year-on-year, lower than 6.9 percent recorded in April. This is the third consecutive month of muted year-on-year changes in the Core sub-index due to base effects.
On a month-over-month basis, the CPI increased to 0.67 percent in May, from 0.5 percent in April, as all prices except for food and non-alcoholic were higher than those in April. The food index slowed to 0.5 percent from 0.69 percent. The highest price increases were recorded for meat, oils and fats, potatoes, yams and other tubes.
6/17/2013 12:59:40 PM